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Six House Democrats led by Rep. Dennis Kucinich (D-Ohio) want to set up a "Reasonable Profits Board" to control gas profits.
Six House Democrats led by Rep. Dennis Kucinich (D-Ohio) want to set up a "Reasonable Profits Board" to control gas profits.
The Democrats, worried about higher gas prices, want to set up a board that would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what a reasonable profit is.
The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 to 100 percent on all profit that "exceeds a reasonable profit." It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be comprised of any nominees from Congress.
Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor Action
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